It is an economic concept that relates to a consumer's desire to purchase goods and services and willingness to pay a specific price for them.
Demand and Supply Quiz
Quiz
•
Social Studies
•
10th Grade
•
Hard
Janin Mae Trota
FREE Resource
8 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is an economic concept that relates to a consumer's desire to purchase goods and services and willingness to pay a specific price for them.
Supply
Needs
Wants
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is the number of products that a producer or seller is willing and capable to provide to buyers.
Demand
Supply
Supply and Demand
None of the above
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
determines their purchasing capacity once it increases or decreases. It refers to consumer?
Income
Preference
Taste
Expectation
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The demand for a product can rise if consumers think it's going to become scarce, unavailable or more expensive in the future.
Preference
Prediction
Expectation
Scarcity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
These are manufacturing expenses such as materials, laborer, and wages.
It can influence the price of goods and services.
Cost
Production Cost
Demand
Supply
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is the use of advancement tool that will help business operations or productivity level
Materials
Innovation
Additional Employee
Technology
7.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
A celebrity endorses a new brand of clothes, making them extremely popular. What will likely happen to the clothes price and demand?
Both price and demand will decrease.
Price will increase, but demand will decrease.
Demand will increase, leading to higher prices.
Demand will stay the same, but supply will increase.
8.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
A sudden drought causes a decrease in the production of coffee beans. What is the expected effect on the supply?
Coffee supply will increase
Coffee supply will decrease
Demand will increase, leading to higher prices.
None of the Above
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